• The European Economic and Social Committee (EECC) has been the new battleground for various european associations, demanding the European Union to end the injustice that has resulted from FX Loans.

•  Bernardo Hernandez Bataller, President of the Section for the Single Market, Production and Consumption of the European Committee, stated: “Many people did not know the existence of the mortgages denominated FX Loans, and now they can be aware of this situation in Europe” adding that “What happened today is very possitive“

• ASUFIN managed to organize and unite various european associations (Tuconfin, ProFuturis & Parakletos), specialists and advocets, aiming to make the European Union more aware of a problem that affects more than two millions citizens of this community.

Representatives of different european associations and experts on the matter, have arrived at Brussels with one main objective: Translate to the european institutions,  the importance to taking seriously the result the Bank placement of FX Loans has had upon the consumers and the need of finding a solution.

At the Committee´s headquarters, for more than 3 hours, specialists and professionals talked about financial matter, and made it clear that the consequences os mass commercialization of Fx Loans was known by banks, and the terrible consequences these would have on customers. In the morning session of the Committee, the third block was destined to: Mortgages and the conversion of loan agreements into foreign currencies. The ponents were: Patricia Suárez (ASUFIN – Spain), Monika Calu (Parakletos – Romania) and Tomasz Sadlik ( Pro Futuris – Poland). Also intervening and supporting the cause were: Franca Berno  & Sheila Meneghetti (Tuconfin – Italy ), Mariusz Korpalski (Lawyer – Poland), Evi Avlogiari (Advocate – Greece), Charles Stevens (Solicitor & Academic – Charles Stevens), Carlos Zarco (Legal adviser of ASUFIN) and Francisco Roldan (Legal adviser of ASUFIN).

After months of hard work, which have culminated at the European Committee, the European Associations participating at the seminar are going to start working with members of the Economic and Social Committee to create an European Association of Consumer Financial and find a solution for the bank consumers affected by FX Loans.

Patricia Suárez, President of ASUFIN and whom organized and opened the block on FX Loans, impelled in her speach how the Banks need to start adopting an ethical policy and be transparent about the products they are placing to their clients. “If we are here today, it is precisely because we believe that the courts are not enough. We need a better solution“. This statement from Suárez is very important for it in precisely in Spain were the jurisdiction is acting in favor of the bank clients. Despite this, ASUFIN, supported by the other associations, demands greater awareness and a political approach that must come from the European Union.

There is a need for the European Institutions to commit and find better solutions to help the nearly two million people affected by FX Loans, of which thousands have been left in extremely precarious situation

EESC members, presidents of national associations with other specialists have already started working for the creation of a European association that defends the rights of financial users. As Bataller says “This meeting was very important and achieved different representations“. It is necessary to create a common fight, which combines all the achievements of each nation. 

The visit to Brussels, has marked the beginning of a series of negotiations and meetings, involving the European Committee, which will not cease until: There is a creation of a ethic financial system, characterized by a fair and transparent banking culture and where bank users are protected from the products sold by the banks as the prohibition of never being able to place products such as FX Loans.